If you’re considering buying a home, keep reading to get the facts about common homebuying myths.
Myth #1:
"I need a 20% down payment to buy a home."
Fact:
You have options — some financing programs allow as little as 3% down, and in some cases, no down payment is required for qualified homebuyers. Plus, monetary gifts from friends or family may be allowed for all or a portion of a down payment and/or closing costs.
Myth #2:
"I need a perfect credit score to buy a home."
Fact:
There are financing programs available for homebuyers with less-than-perfect credit scores, or limited credit history. Some programs allow you to use rent, mobile phone, or utility payments to show credit history. And, you may benefit from a free financial coaching session through the Wells Fargo My Home RoadmapSM program.1
Myth #3:
"I need to make more money to qualify for a mortgage."
Fact:
Financing programs are available for a wide range of incomes. Other factors are also considered when you apply for a mortgage, including your credit score, credit profile, and your savings.
And after closing on a loan through the Union Plus Mortgage program, you’ll be eligible for special benefits that include receiving a My Mortgage GiftSM award from Wells Fargo — $500 for buying a home or $300 for refinancing your home — for use at participating retailers and access to mortgage assistance through Union Plus in times of hardship such as layoff, disability or strike.2 Keep in mind that parents and children of union members are also eligible for certain benefits.
Learn more about the Union Plus Mortgage program, talk to a Union Plus Mortgage Specialist at 866-802-7307 or request a personal consultation.
1The My Home RoadmapSM service provides up to four sessions (an estimated 2 hours) of free financial coaching with a National Foundation for Credit Counseling (NFCC) certified counselor from a NFCC member organization that will be paid for by Wells Fargo Home Mortgage. At your option, you may purchase additional coaching sessions or services or decide to participate in another NFCC member agency program. Program may change or be discontinued at any time.
2Eligible individuals can receive the Wells Fargo My Mortgage GiftSM award approximately 6 weeks after closing on a new purchase or refinance loan secured by an eligible first mortgage or deed of trust with Wells Fargo Home Mortgage (“New Loan”), subject to qualification, approval and closing, when identifying themselves as eligible. The My Mortgage GiftSM award is not available with any Wells Fargo Three-Step Refinance SYSTEM® program, The Relocation Mortgage Program® or to any Wells Fargo team member. Only one My Mortgage Gift award is permitted per eligible (“New Loan”). This award cannot be combined with any other award, discount or rebate, except for yourFirstMortgageSM. This award is void where prohibited, transferable, and subject to change or cancellation with no prior notice. Awards may constitute taxable income. Federal, state and local taxes, and any use of the award not otherwise specified in the Terms and Conditions (also provided at receipt of award) are the sole responsibility of the My Mortgage GiftSM recipient.
Information is accurate as of date of distribution. Wells Fargo Home Mortgage is a division of Wells Fargo Bank, N.A. © 2018 Wells Fargo Bank, N.A. All rights reserved. NMLSR ID 399801
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Through the Union Plus® Mortgage program, with financing provided by Wells Fargo Home Mortgage, union members, their parents and children have access to a wide range of home loan options to meet a variety of needs, plus access to special benefits designed for union families.